Land Re-purchased need not be ‘Agricultural’ on the Date of Re-Investment: ITAT allows Deduction u/s 54B [Read Order]

Land - Re-purchased - Agricultural - Re-Investment - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Pune bench, while allowing a claim of deduction under section 54B of the Income Tax Act, 1961, has held that the provision does not mandate lands re-purchased have to be agricultural on the date of re-investment. The assessee, Shri Adit Rathi challenged the orders of the lower authorities declining…

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